Downtown West has proved to be a bit of a marvel. Over less than a decade a section of Toronto once distinguished by its profusion of abandoned factories and tiny run down workers’ homes has been transformed into one of the most vibrant areas of the city.

The pace of condo development is so great that people like George Carras, president of RealNet Inc., which tracks the housing market, point out that there is more new condo construction in that one area of Toronto than in entire cities across Canada.